gold futures prices for september 4 2012, spot gold prices 9/4/2012 : Gold hovered near a five-month peak on Monday, supported by hopes for more stimulus measures after US Federal Reserve Chairman Ben Bernanke gave a grave assessment of the economy last week. "Central banks are still hurtling towards more cash-printing, as they are under pressure to be doing something actively, which is good for gold,Speculators raised their net long positions in US gold futures and options to the highest level in more than five months in the week ended August 28, according to the US Commodity Futures Trading Commission. Spot gold edged down 0.3 percent to $1,686.34 an ounce by 0648 GMT, holding near a five-month high of $1,692.71 hit on Friday. US gold inched up 0.1 percent to $1,689.50.
Investors will watch a series of key events in the coming weeks that could dictate the sentiment in the market, including a European Central Bank policy meeting and US non-farm payrolls this week, the gathering of the Fed's policy-making wing and the German court's ruling on the euro zone's rescue fund next week.
the August nonfarm payrolls report. Bernanke’s Friday comment about the “stagnation of the labor market” makes the jobs report significant. The July data showed 163,000 new jobs were created and market participants will watch to see if that sort of growth is maintained. Analysts surveyed by MarketWatch call for August payrolls to have risen by 120,000 and the unemployment rate to tick down to 8.2%.
Gold, being extremely sensitive to wordings such as 'QE' and 'easing', is likely to march higher in the short term after Bernanke acknowledged the weakness in the US economy and effectiveness of past easing moves, Spot platinum gained 0.4 percent to $1,535.49 an ounce, after losing 0.8 percent last week following two weeks of strong gains,
On the Comex division of the New York Mercantile Exchange, Gold futures for October delivery traded at USD1692.65 a troy ounce at time of writing rising 0.44%.
It earlier traded at a session high USD1695.15 a troy ounce. Gold was likely to find support at USD1646.45 and resistance at USD1695.15.
US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, fell 0.03% to trade at USD81.17.
Elsewhere on the Comex, Silver for December delivery rose 2.24% to trade at USD32.147 a troy ounce while Copper for December delivery rose 0.70% to trade at USD3.481 a pound.
In the US, The Institute for Supply Management (ISM) , Survey to rate the business conditions such as employment new orders prices etc., rise is likely from 49.8 points on August up to 50.1 points now. On the Final Manufacturing PMI 51.9 points are due similar to the last time. And rise from 39.5 points up to 46.4 points is predicted on the ISM Manufacturing Prices.
Later in the US, Construction Spending 0.4% is due with no change from the last month.
Total Vehicle Sales is due to remain 14.1M with no change from the last report.
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